Ep 96: Nick chats with Dru Morgan from Morgan Business Sales

EPISODE IN BRIEF

Today, Nick speaks with special guest, Dru Morgan from Morgan Business Sales.

As a specialist business broker, Dru has helped thousands of business owners prepare their businesses for sale. Over 25 years, he has created systems to help scale operations and developed exit strategies so business owners can realise their hard-earned and long-awaited freedoms.

Today’s episode of Coaching Conversations is a clever dive into the professional trajectory of a man who went from real estate to business sales – and what he has learned now that he is at the top of his game…

Time Code/Show Notes  

0.26  Intro: Business coach expert Nick Psaila introduces special guest, Dru Morgan.

4.05  From an early start with LJ Hooker, Dru speaks of observing how different companies scale. Who did it well  - and why some didn’t. If your focus is on money, forget it. It’s about growing a team based on values and ethics.

9.20  The biggest mistake that owners can make is not taking themselves out of the business; you need to shift mindset to trust and foster faith in your team.

12.30  Give responsibility to others, observe their skill sets, grow their individual power – help them run your company better than you do.

13.54  Dru considers the main reason managers fail, is their inability to step outside the business and analyse their team. You’ll never identify challenges unless you step away from your business and look in. How else will you pinpoint strengths and weaknesses?                

Make time to look at your people daily, from outside the business. Make them feel valued, help them become successful.

16.15   Australian business owners tend to work harder not smarter. They tend to feel that no one can run their business like they do – and that’s untenable. Particularly when it comes time to sell.

19.03  Saleability of a business; a business is worth a lot less if the owner has a LOT to do with it.

22.47  Dru talks about the process of doing a typical appraisal and valuation on a business. It’s an in-depth look at how he pulls in the information and gathers a list of potential buyers across the country.

28.24 His number one goal is to be selective and put your business in the hands of the right people. Dru says a savvy younger generation are buying businesses and setting them up to sell from the outset!

30.30  Are you building something that you can move on from with ease and do so profitably? It doesn’t have to be for retirement. It could be a sudden health issue. Personal change like a divorce. If you can set it up so you are not personally critical to the business, it can be sold at ANY time!

32.00  You should be at a point where you can sell at any time.

32.50  Work on your own mindset by allocating at least an hour to yourself – go surfing, walking, and make sure you’re eating. Go to work knowing you’ve given yourself valuable time and now you can give your best to the business.

37.00  If you’d like to reach out and find out how you can ‘remove’ yourself from the business to improve it, email [email protected] for more information on today’s podcast.

EPISODE SUMMARY

There’s a lot to take away when considering your exit strategy; namely the ability to extricate yourself from the everyday and trust good staff to run your business for you.

Remember; your business is worth a lot less if you have a huge hand in how it’s run. There’s little saleability if you are the lynchpin to all the good that goes on!

Shift your mindset so you can build your business by building your people. Show them that they are valuable, and they will reward you. You can step away to constantly re-evaluate and grow your brand. A win-win for everyone!